Bitcoin\u2019s price is back above $58K, registering an increase of around 3% in the past 4 hours alone.<\/p>\n
As\u00a0CryptoPotato\u00a0<\/em>reported<\/a> earlier today, the market had shed some $100 billion off its total market capitalization as the BTC price dropped to a monthly low of under $56,000.<\/p>\n Most of the altcoins followed suit, trading deep into red territory. ETH plunged to $2,400, while BNB bears were able to push the price toward $510.<\/p>\n Fortunately, the bulls woke up and are now erasing much of the gains. At the time of this writing, BTC trades at $58,400 and most of the losses from the drop earlier are gone.<\/p>\n <\/a>Source: TradingView<\/p>\n Data from Coinglass reveals<\/a> that this volatility has resulted in almost $200 million worth of liquidations in the past 24 hours.<\/p>\n Some analysts have noted that the drop from earlier may have been a trap for sellers looking to further capitalize on the decline.<\/p>\n Bitcoin is back above 58k.<\/p>\n Today\u2019s drop may have been a bear trap. pic.twitter.com\/MxdfOofC6E<\/a><\/p>\n \u2014 Duo Nine YCC (@DU09BTC) September 4, 2024<\/a><\/p>\n\n Meanwhile, data from IntoTheBlock reveals that there has been a substantial number of buyers at the range between $61,700 and $70,500, who are currently sitting at a loss.<\/p>\n According<\/a> to analysts from the data firm, whenever a large number of traders are at a loss, regardless of the range, BTC will be facing consistent selling pressure as the price approaches these levels.<\/p>\n The post Bitcoin Price Recovers Above $58K: Bear Trap Confirmed?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin\u2019s price is back above $58K, registering an increase of around 3% in the past 4 hours alone. As\u00a0CryptoPotato\u00a0reported earlier today, the market had shed some $100 billion off its total market capitalization as the BTC price dropped to a monthly low of under $56,000. Most of the altcoins followed suit, trading deep into red […]<\/p>\n","protected":false},"author":0,"featured_media":3601,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3600"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3600"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3600\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/3601"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![<\/a>Source: TradingView<\/p>\nData from Coinglass reveals<\/a> that this volatility has resulted in almost $200 million worth of liquidations in the past 24 hours.<\/p>\nSome analysts have noted that the drop from earlier may have been a trap for sellers looking to further capitalize on the decline.<\/p>\nBitcoin is back above 58k.<\/p>\nToday\u2019s drop may have been a bear trap. pic.twitter.com\/MxdfOofC6E<\/a><\/p>\n\u2014 Duo Nine YCC (@DU09BTC) September 4, 2024<\/a><\/p>\n\nMeanwhile, data from IntoTheBlock reveals that there has been a substantial number of buyers at the range between $61,700 and $70,500, who are currently sitting at a loss.<\/p>\nAccording<\/a> to analysts from the data firm, whenever a large number of traders are at a loss, regardless of the range, BTC will be facing consistent selling pressure as the price approaches these levels.<\/p>\nThe post Bitcoin Price Recovers Above $58K: Bear Trap Confirmed?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Bitcoin\u2019s price is back above $58K, registering an increase of around 3% in the past 4 hours alone. As\u00a0CryptoPotato\u00a0reported earlier today, the market had shed some $100 billion off its total market capitalization as the BTC price dropped to a monthly low of under $56,000. Most of the altcoins followed suit, trading deep into red […]<\/p>\n","protected":false},"author":0,"featured_media":3601,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3600"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3600"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3600\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/3601"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/09\/BTCUSD_2024-09-04_20-04-11.png\"){kind=link}